Core Insight: As the cold wave of the industry cycle intersects with the reshaping of the consumption pattern, the Chinese baijiu industry is undergoing a profound process of self-tempering. Although data reveals the reality of slowing revenue and profit growth rates and increasing differentiation, challenges such as fluctuations in the wholesale prices of high-end baijiu, pressure on channel inventory, and the dilemma of inverted prices coexist. However, the true backbone of the industry knows: the storms are not the end, but the starting point for the return of value and the reshaping of capabilities. At this moment, what we see is not the industry's decline, but the vigorous force of resilient growth and rekindled value.